Noel Kirnon, former head of global structured finance at Moody's Investors Service, has left the rating agency. While a search for a permanent head is underway, Andy Kimball, who is chief credit officer at Moody's, is replacing Kirnon in the interim. Rich Cantor will assume responsibility for Kimball's roles as Moody's chief credit officer and chairman of its credit policy committee. Besides these two roles, Kimball has also held various senior positions at Moody's, including senior managing director for global corporate finance and managing director for Moody's risk and management services. Cantor most recently served as managing director of the credit policy research group and is a member of Moody's credit policy committee and co-chairs Moody's academic advisory panel. He joined Moody's from the Federal Reserve Bank of New York.
McKee Nelson has assembled the first covered bond team to advise issuers and underwriters on the sector. Partners John Arnholz and Kenneth Marin will lead the new initiative, which will be incorporated into the firm's existing securitization and structured finance practice. The new team is working with issuers, including non-banks, on hybrid structures that feature a dual recourse arrangement typical of covered bonds. Last April's Federal Deposit Insurance Corp. (FDIC) policy statement clarifying the treatment of these bonds under certain circumstances emphasized the intent of fostering growth of the covered bond market.